H.4.1 Factors Affecting Reserve Balances of Depository Institutions

•:;ifeiv F E D E R AL R E S E R VE Factors Affecting Bank Reserves and '•?f$UBE^V Condition Statement of F.R. Banks H.4.1 For immediate release August 1, 1968 The average of daily figures of total member bank reserves held during the week ended July 31, decreased a net of $127 million to $26,128 million. Estimated currency and coin of member banks increased $30 million and their reserve balances at the Federal Reserve Banks decreased $157 million. Estimated required reserves decreased $47 million; and estimated excess reserves decreased $80 million to $314 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $288 million, compared with the revised figure of $245 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks was a decrease of $406 million in Federal Reserve float, and an increase of $102 million in "Other" F. R. accounts (net). The principal offsetting changes were an increase of $180 million in U. S. Government securities bought outright, and a decrease of $152 million in currency in circulation. Total Reserve Bank credit decreased $179 million. As of Wednesday, July 31, 1968, holdings of U. S, Government securities bought outright were $256 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $237 million higher, and member bank borrowings were $28 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, July 31, July 24, Aug. 2, July 31, and related items 1968 1968 1967 1968 (In millions of dollars) Reserve Bank credit: U. S. Government securities— Bought outright—System account 52,084 +180 +5,251 52,160 Held under repurchase agreements 34 + 34 + 34 237 Federal Agency obligations— Held under repurchase agreements Acceptances- Bought outright 58 + 1 22 56 Held under repurchase agreements 48 + 48 + 48 43 Disccunts and advances- Member bank borrowings 602 - 37 + 486 724 Other 13 -- + 10 12 Float 1,610 -406 + 171 1,607 Total Reserve Bank credit 54,450 -179 +5,980 54,839 Gold stock 10,367 -- -2,727 10,367 Treasury currency outstanding 6,568 + 7 64 6,570 71,385 -172 +3,189 71,776 Currency in circulation 47,697 -152 +2,848 47,819 Treasury cash holdings 829 - 9 - 644 822 Treasury deposits with F. R. Banks 1,033 + 35 - 357 1,113 Foreign deposits with F. R. Banks 155 + 13 + 40 202 Other deposits with F. R. Banks 443 - 5 21 479 Other F. R. accounts (net) -318 +102 - 568 -320 49,839 - 15 +1,298 50,115 Member bank reserves: With Federal Reserve Banks 21,546 -157 +1,891 21,661 Currency and coin (estimated) 4,582 + 30 + 263 5,007 Total reserves held 26,128 ^TTf +2,154 "2TT6TH Required reserves (estimated) 25,814 - 47 +2,135 25,847 Excess reserves (estimated) 314 - 80 + 19 821 On July 31, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,609 million, an increase of $277 million for the week and a decrease of $22 million from the comparable date a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since July 31, July 24, Aug. 2, 1968 1968 1967 A S S E TS Gold certificate account 1/ 10,025 -- -2,529 Cash (759) 369 6 + 42 Discounts and advances 736 29 + 224 Acceptances: Bought outright 56 2 25 Held under repurchase agreements 43 + 43 + 43 Federal Agency obligations-- Held under repurchase agreements U. S. Government securities: Bought outright-- Bills 18,310 + 256 44,134 Certificates -4,353 Notes 27,746 +6,009 Bonds 6.104 - 434 Total bought outright 52,160 + 256 +5,356 Held under repurchase agreements 237 + 237 + 237 Total U. S. Government securities 52.397 + 493 +5.593 Total loans and securities 53,232 + 505 +5,835 Cash items in process of collection (2,082) 7,644 - 124 + 397 Bank premises 113 - 1 + 4 Other assets 2/ 2.031 - 27 + 763 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,841) 73,414 +_ 347 +4,512 L I A B I L I T I ES Federal Reserve notes (759) 42,098 59 +2,482 Deposits* Member bank reserves 21,661 + 110 +1,784 U. S. Treasurer--general account 1,113 + 140 - 210 Foreign 202 + 37 + 75 Other 3/ 479 + 20 + 4 Total deposits 23,455 + 307 +1, 653 Deferred availability cash items (2,082) 6,037 + 26 + 149 Other liabilities and accrued dividends 375 + 25 + 120 TOTAL LIABILITIES (2,841) 71,965 + 299 -1-4,404 C A P I T AL A C C O U N TS Capital paid in 618 + 1 + 32 Surplus 598 -- 4-28 Other capital accounts 233 + 47 4* 48 Contingent liability on acceptances purchased for foreign correspondents 128 + 13 - 181 •* Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes amount of gold certificates previously included in "Redemption fund for F. R. notes.11 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. m ~ MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JULY 31, 1968 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U. S. Government securities and Discounts and Federal Agency obligations advances Acceptances Holdings Weekly changes Within 15 days 728 59 7,269 +4,596 16 days to 90 days 8 40 8,210 -4,648 91 days to 1 year 23,123 + 545 Over 1 year to 5 years ,737 Over 5 years to 10 years ,470 Over 10 years 588 Total 736 99 52,397 + 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran- York delphia land mond Louis apolis City cisco (In millions of dollars) A S S E T S, Gold certificate account 10,025 638 1,982 570 836 951 540 1,894 387 189 295 313 1,430 F. R. notes of other banks 759 50 179 52 46 74 90 44 31 30 24 35 104 Other cash 369 22 44 6 50 21 47 70 30 5 23 16 35 Discounts and advances 736 33 63 12 6 48 62 386 21 25 20 6 54 Acceptances: Bought outright 56 -- 56 -- -- -- -- -• •• -- •"• *•• -- Held under repurchase agreements 43 -- 43 — •- -- -- -- -- -- -- • - -- Federal Agency obligations— Held under repurchase agreements -- -- -- -- -- -- -- -- U. S. Government securities: Bought outright— Bills 18,310 970 4,597 952 1,410 1,348 980 2,950 649 353 718 762 2,621 Certificates .. -- -- — -- -- -- -- — -- -- -- — Notes 27,746 1 ,471 6,966 1,442 2,138 2,042 1 ,486 4,470 983 535 1,087 1 ,154 3,972 Bonds I 6,104 324 1,532 317 470 449 327 984 216 118 239 254 874 Total bought outright 1 52,160 FT, 765 13,095 2,711 4,018 3,839 T ,793 8,404 1,848 1,006 2,044 ~T ,170 7~56l Held under repurchase agreements ! 237 — 237 -- -- -- -- — -- — -- — -- Total U. S. Government securities 1 52,397 \~2 ,765 13,332 2,711 4,018 3,839 ~T7 793"" 8,404 1,848 1,006 2,044 -y ,170 7,467 Total loans and securities 53,232 2 ,798 13,494 2,723 4,024 3,887 2 ,855 8,790 1,869 1,031 2,064 2 ,176 7,521 Cash items in process of collection 1 9,726 606 1,751 557 719 757 824 1,629 467 346 635 575 860 Bank premises 113 3 10 2 5 9 19 18 8 3 18 9 9 Other assets 1/ 1 2,031 92 689 95 156 108 107 270 62 40 77 93 242 TOTAL ASSETS 1 76,255 4 ,209 18,149 4,005 5,836 5,807 4 ,482 12,715 2,854 1,644 3,136 3 ,217 10,201 JL/ Includes assets denominated in foreign currencies and IMF gold deposited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1968 San New Phila Cleve Rich St. Minne Kansas Total Boston Atlanta Chicago Dallas Fran York delphia land mond Louis apolis City cisco (In millions of dol!L ars) L I A B I L I T I ES Federal Reserve notes 42,857 2,507 9,761 2,483 3,457 3,952 2,351 7,617 1,600 748 1,612 1,472 5,297 Deposits: Member bank reserves 21,661 972 5,776 908 1,526 1,005 1,177 3,367 735 524 848 1,104 3,719 U. S. Treasurer--general account 1,113 54 214 51 45 75 113 116 83 48 97 67 150 Foreign 202 10 1/ 53 11 18 10 13 29 7 5 9 11 26 Other 479 1 2/436 1 -- 8 1 2 1 1 2 1 25 Total deposits 23,455 1,037 6,479 971 1,589 1,098 1,304 3,514 826 578 956 1,183 3,920 Deferred availability cash items 8,119 574 1,436 458 636 651 718 1,306 366 277 492 467 738 Other liabilities and accrued dividends 375 20 103 18 27 27 19 59 13 8 14 16 51 TOTAL LIABILITIES 74,806 4,138 17,779 3,930 5,709 5,728 4,392 12,496 2,805 1,611 3,074 3,138 10,006 CAPITAL ACCOUNTS Capital paid in 618 30 158 32 55 32 39 92 21 14 27 35 83 Surplus 1 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts 1 233 12 58 11 18 16 13 40 8 5 9 10 33 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 176,255 4,209 18,149 4,005 5,836 5,807 4,482 12,715 2,854 1,644 3,136 3,217 10,201 — Contingett liability on ace: eptances purchased for forei- gn correspondent: s 128 6 3/ 33 7 11 7 8 19 4 3 6 7 17 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 10,195 2,551 3,699 4,099 2,469 7,889 1,677 784 1,680 1,588 5,623 Collateral for F. R. notes: Gold certificate account 1,000 300 600 640 350 1,000 206 77 — 155 -- Eligible paper U. S. Government .securities 9.400 2,500 3,200 3,540 2,200 7,150 1,570 725 1,725 1,480 6,000 Total collateral 2,631 10,400 2,800 3,800 4,180 2,550 8,150 1,776 802 1,725 1,635 6,000 1/ After deducting $ 149 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposit. 3/ After deducting $ 95 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis